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On April 15, Chainlink ($LINK) price witnessed a spike of 3%, helping its price to soar toward a major resistance level at around $9.30.
At the time of writing, the $LINK token price is hovering around $9.25 with 2.57% on the daily chart, according to CoinMarketCap. The cryptocurrency currently holds a market capitalization of $6.73 billion with a daily trading volume of around $548.14 million.
Chainlink Shows Strong Momentum After 3% Daily Surge
The price chart for the H4 timeframe is showing a classic spring accumulation phase forming inside a complex price pattern. Chainlink’s price is continuously compressing against the lower support level. It means that investors are buying the available supply of $LINK tokens without any major upward momentum in the price chart.
Right now, the token has created the sweet spot where a narrowing triangle pattern is building a gradual momentum in the cryptocurrency to go for a higher jump in the upcoming time.
According to the currency price chart, there is strong support at around $8.50. In the past, this support zone has worked as a launchpad for many major breakouts. On the flip side, there is a ceiling marked by major resistance at around $11, which has taken place in the last few months.
The price action is touching the blue support level, and this is the final pullback before a breakout with a sharp spike.
According to the technical indicators, Chainlink is following a short-term breakout pattern on its price chart as it moves towards recent consolidation levels around the $9. This price is gradually building momentum after a long period of sideways trading.
According to TradingView, the relative strength index (RSI) on the period of 14 day timeframes is revolving around 64. This shows that the cryptocurrency is building momentum without entering overbought territory. This confirms that it still has space for further rally if buying pressure stays continuous.
On the other hand, moving averages are also showing a positive scenario because the price now trades above the 10-day simple moving average, around $9.10, and the 20-day simple moving average, around $9.05.
The spike in Chainlink comes amid the bullish momentum in the overall crypto market, where Bitcoin (BTC) price soared above $75,000 after the overall crypto market capitalization soared by 1.25%.
SIX Forms Partnership with Chainlink for On-Chain Stocks
On April 15, SIX, the company that operates the Swiss and Spanish stock exchange, announced its partnership with Chainlink. This integration is expected to bring real-time pricing data for European blue-chip stocks onto the blockchain through Chainlink DataLink service. These stocks have a combined market value of over €2 trillion. The data is reaching more than 2,600 applications across over 75 different blockchains.
Chainlink also joined the Ethereum Foundation’s new $1 million audit subsidy program as a major partner, alongside Nethermind and Areta. This program helps developers to pay for smart contract security audits and makes the Ethereum ecosystem safer.
In order to expand its decentralized oracle network, Chainlink is constantly working to improve its Data Streams product. This is expected to deliver faster real-time market data, including prices for major stocks. The protocol is also moving ahead with upgrades to its Cross Chain Interoperability Protocol (CCIP). This makes it easier for users to add their own tokens without additional support and expands support for zero-knowledge rollups.